NetSuite
Joint interest billing (JIB) is one of the most complex accounting processes in the oil and gas industry. When multiple parties share ownership in a well or property, operators must accurately allocate costs and revenues across partners based on ownership percentages, joint operating agreements, overhead rates, and other partner-specific arrangements. Without the right tools, this process can quickly become manual, time-consuming, and difficult to audit.
In this video, we explore how Rand Group’s custom joint interest billing solution, built natively in Oracle NetSuite, helps oil and gas operators simplify cost capture, automate allocations, generate partner-specific statements, and maintain a clear audit trail. You will see how the solution supports complex ownership structures, improves reporting visibility, and reduces the administrative burden of managing JIB through spreadsheets or disconnected systems.
In this video you’ll learn:
The fundamentals of joint interest billing, including who is involved, what gets billed, and why accuracy and transparency are critical
The common challenges operators face when managing JIB manually, from allocation errors and delayed month-end close to disputes and compliance risk
How Rand Group’s NetSuite-based JIB solution automates billing, tracks ownership decks, supports partner reporting, and streamlines reconciliation
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